Fibe, a fintech firm, has raised USD 90 million in a Series E round led by TR Capital, Trifecta Capital and Amara Partners. The company’s existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round which included both primary and secondary transactions.
The Fintech company, formerly known as EarlySalary was founded in 2015 by Akshay Mehrotra and Ashish Goyal. It is dealing in the consumer lending segment with its personal loan and impact loan portfolio including categories like healthcare loans, edtech loans, insurance financing, school fee financing, and more.
With focus on lending technology and risk management systems, Fibe has been able to offer lower credit costs to consumers. It has also recently launched India’s first numberless co-branded credit card.
The company aims to make rapid strides in its impact lending segment and therefore will deploy the new fund for business expansion, market outreach and curate more tailor-made products across its impact loans portfolio.
Akshay Mehrotra, Co-founder and CEO, Fibe said, “The infusion of new capital not only fuels our growth but also highlights our dedication to empowering India’s youth on their journey towards fulfilling their dreams.”
“With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India,” he added.